NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES ORDISSEMINATION IN UNITED STATES CALGARY, Alberta, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Pieridae Energy Limited ("Pieridae" or the "Company") (TSX:PEA) announces the release of its second quarter 2024 financial and operating results. Pieridae produced 30,861 boe/d and generated Net Operating Income ("NOI")1 of $7.7 million during the second quarter of 2024. Pieridae's management's discussion and analysis ("MD&A") and unaudited interim consolidated financial statements and notes for the quarter ended June 30, 2024 are available at www.pieridaeenergy.com and on SEDAR at www.sedarplus.ca. Darcy Reding, President and CEO stated "Pieridae's robust commodity hedge portfolio resulted in $19.8 million of gains, offsetting the significant challenge created by extremely low AECO natural gas prices during the second quarter. Management has also shut-in approximately 25% of the Company's production to protect cash flow and preserve reserve value for our shareholders, until we see gas prices recover in a meaningful way. We successfully increased our third-party volumes at our Caroline gas plant by 40% in the second quarter, reflecting the growing area demand for third party processing. As a result, we are undertaking a low-cost debottlenecking initiative that will significantly enhance our processing capacity at this plant as area development continues to ramp up. We are thrilled with the successful conclusion of the legacy Goldboro asset sale and repayment of the bridge loan in the third quarter, which were important strategic milestones and improve our financial flexibility moving forward." ________________________1 Refer to the "non-GAAP measures" section of the Company's MD&A. Q2 HIGHLIGHTS Produced 30,861 boe/d (85% natural gas). Grew third-party processing volumes at the Caroline facility to 37.1 MMcf/d (gross raw), up 40% from Q1 2024. Continued to reduce field and facility operating cost structure, reflecting successful optimization initiatives, power and fuel gas reduction programs, and labour efficiency improvement efforts. Generated NOI of $7.7 million ($0.05 per basic and fully diluted share and $2.74/boe) reflecting historically low natural gas prices and the impact of the unplanned shut-in of the Jumping Pound Facility from mid-March to mid-May but assisted by a $19.8 million realized commodity hedge gain ($0.12 per basic and fully diluted share and $7.06/boe). Incurred capital expenditures of $5.0 million focused primarily on the sulphur condenser repairs at Jumping Pound, along with certain well and facility optimization initiatives. The Company's discounted unrealized gain on its natural gas and C5 hedge positions at June 30, 2024 was approximately $59.2 million using the June 30, 2024 forward strip. SUBSEQUENT TO Q2 Divested legacy Goldboro assets for $12.0 million, completing the Company's strategic pivot to focus on operating and growing the Company's upstream and midstream processing businesses. Completed a non-brokered private placement of 12.8 million common shares for gross proceeds of $4.5 million with an existing institutional shareholder. Settled the Company's 18% convertible bridge loan in full for $24.0 million, including outstanding principal and accrued interest. Completed the shut-in of approximately 6,250 boe/d operated and 995 boe/d non-operated uneconomic production in Central Alberta that flows to a third-party facility due to low AECO gas prices and high processing costs. This shut-in brings the aggregate voluntary economic shut-in production to approximately 9,370 boe/day, preserving reserve value during a period of unprecedented low natural gas prices. SELECTED QUARTERLY OPERATIONAL & FINANCIAL RESULTS   2024   2023   2022   ($ 000s unless otherwise noted) Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Production                 Natural gas (mcf/d) 157,077   175,356   174,211   155,763   159,427   186,156   179,143   181,030   Condensate (bbl/d) 2,472   2,781   2,384   2,020   2,300   2,657   2,469   2,911   NGLs (bbl/d) 2,210   2,613   1,921   2,273   2,216   2,784   2,389   2,876   Sulphur (tonne/d) 1,376   1,491   1,284   1,124   1,362   1,457   1,348   1,312   Total production (boe/d) (1) 30,861   34,620   33,340   30,253   31,087   36,467   34,715   35,959   Third-party volumes processed (mcf/d) (2) 53,763   58,212   70,060   61,093   55,750   63,396   49,304   66,224   Financial                 Natural gas price ($/mcf)                 Realized before Risk Management Contracts (3) 1.14   2.53   2.32   2.65   2.39   3.24   5.08   4.38   Realized after Risk Management Contracts (3) 2.71   3.21   3.12   3.25   3.03   5.12   5.24   3.62   Benchmark natural gas price 1.17   2.48   2.29   2.59   2.40   3.25   5.20   4.28   Condensate price ($/bbl)                 Realized before Risk Management Contracts (3) 99.96   91.18   97.15   97.47   84.81   107.22   110.24   103.71   Realized after Risk Management Contracts (3) 87.75   84.49   86.34   80.49   105.84   106.70   117.67   105.82   Benchmark condensate price ($/bbl) 105.62   98.43   104.30   106.30   93.25   107.05   115.24   115.66   Processing and marketing revenue 4,203   5,072   11,919   6,603   5,410   6,401   9,310   7,650   Net income (loss) (19,196 ) (6,284 ) 7,414   (16,254 ) 4,182   13,639   114,662   (1,573 ) Net income (loss) $ per share, basic (0.12 ) (0.04